CAPITALAND RETAIL CHINA TRUST Extraordinary General Meeting Proposed Acquisition of CapitaMall Xuefu, CapitaMall Aidemengdun and CapitaMall Yuhuating 1 August 2019 Disclaimer This presentation has been prepared by CapitaLand Retail China Trust Management Limited (in its capacity as the Manager of CapitaLand Retail China Trust (“CRCT”, and the manager of CRCT, the “Manager”)) for the sole purpose of use at this presentation and should not be used for any other purposes. The content of this presentation have not been reviewed by any regulatory authority. The information and opinions in this presentation provided as at the date of this presentation (unless stated otherwise) are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning CRCT. None of the Manager, HSBC Institutional Trust Services (Singapore) Limited (as the trustee of CRCT (the “Trustee”)), CRCT nor any of their respective holding companies, subsidiaries, affiliates, associated undertakings or controlling persons, nor any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or warranty, express or implied and whether as to the past or the future regarding, none of them has independently verified, approved or endorsed the material herein, and none of them assumes any responsibility or liability whatsoever (in negligence or otherwise) for, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, or any errors or omissions in, any information contained herein or as to the reasonableness of any assumption contained herein or therein, nor for any loss howsoever arising whether directly or indirectly from any use, reliance or distribution of these materials or its contents or otherwise arising in connection with this presentation.
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CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 2 Contents
• Unitholders’ Approval Sought for the Proposed Acquisition
CapitaMall Xuefu,Harbin • Acquisition Outlay and Funding Structure
• What the Proposed Acquisition Offers
CapitaMall Aidemengdun, Harbin • Summary of Recommendations
• Conclusion
CapitaMall Yuhuating, Changsha
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 3 Unitholders’ Approval Sought for the Proposed Acquisition
CapitaMall Yuhuating, Changsha Unitholders’ Approval Sought
• For the proposed acquisition of Companies which hold CapitaMall Xuefu, CapitaMall Aidemengdun and CapitaMall Yuhuating (the “Properties”) from Interested Persons1,2
Vendors3
Target Companies 100%
CapitaRetail Harbin Beijing Hualian Harbin CapitaMalls Hunan Shangdu Real Estate Real Estate Development Commercial Property
100% 100% 100%
CapitaMall Xuefu CapitaMall Aidemengdun CapitaMall Yuhuating Harbin Harbin Changsha
Notes: 1 Proposed Acquisition will constitute an “interested person transaction” under Chapter 9 of the Listing Manual as well as an “interested party transaction” under the Property Funds Appendix, in respect of which the approval of Unitholders is required by way of an ordinary resolution. Ordinary Resolution means a resolution proposed and passed as such by a majority being greater than 50.0% or more of the total number of votes cast for and against such resolution at a meeting of Unitholders convened in accordance with the provisions of the Trust Deed. 2 CapitaLand and their associates will abstain from voting on the resolution relating to the Proposed Acquisition given that the Properties will be acquired from indirect wholly owned subsidiaries of CapitaLand. 3 Ever Outstand Limited – CapitaMall Xuefu, CapitaRetail China Developments D5 (HK) Limited – CapitaMall Aidemengdun, Upper Great Limited and CapitaRetail China Investments Pte. Ltd. – CapitaMall Yuhuating. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 5 Overview of the Properties
Aggregate Agreed Property High Committed Occupancy Implied NPI Yield Gross Floor Area (“GFA”) Value 99.0%¹ 6.0%2 248,282 sq m RMB2,960 million
Discount to Independent Above Market Average and Accretive to Existing Portfolio Increase Portfolio GFA by 30.7% Valuations Existing Portfolio
Expand presence into 2 provincial capital cities
Harbin CapitaMall Xuefu and CapitaMall Aidemengdun ✓ Capital and largest city of Heilongjiang Province ✓ Key trading gateway to Russia and popular tourist destination
Changsha CapitaMall Yuhuating ✓ Fast growing capital city of Hunan Province Properties ✓ New economic growth engine of Changsha-Zhuzhou-Xiangtan city cluster CRCT’s Existing Portfolio
Notes: ¹ As at 31 March 2019. ² Computed using the aggregate FY2018 NPI of the Properties divided by the aggregate Agreed Value of the Properties.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 6 Well Managed and Consistently High Performing Mall Portfolio
CapitaMall Xuefu1 CapitaMall Aidemengdun CapitaMall Yuhuating
2 Committed Occupancy Total Tenants' Sales NPI CAGR (2016 – 2018) (as at 31 December)
10.6% 5.5% 9.2%
99.4% 99.8% 99.5% 99.5% 99.3% 98.7% 98.3% 98.2% 97.8%
CAGR: CAGR: CAGR: 6.5% 8.7% 6.3%
2016 2017 2018 2016 2017 2018 2016 2017 2018
Resilient and Defensive Portfolio Evidenced by High Committed Occupancy, Strong Tenant Sales and NPI Growth
Notes: 1 Total tenants’ sales between 2016 and 2017 remained approximately flat due to ongoing asset enhancement initiatives. Post completion of the asset enhancement initiatives, total tenants’ sales recorded an improvement in 2018. ² Excludes tenants’ sales from supermarkets.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 7 Strategic Expansion into Northeast China’s Largest City of Harbin… Gateway City with the Largest Population in Northeast China
• Strategic Geographical Location • Two hours from Beijing by flight Russia • China’s gateway city to Russia Heilongjiang Mongolia Harbin
• Large Addressable Market Size Beijing • 8th most populous city in China and most populous in Northeast China
1 • Popular winter destination, attracting c.18 million visitors Outward Transportation and Trading Connections • Home to prestigious universities and research institutions Retail Sales of Consumer Goods RMB billion • Strong Economic Growth 500 • Higher than the national average per capita GDP2 400
• Strong urban disposable income per capita CAGR of 9.4% 300 between 2010 and 2018 200
• Key commercial center in Northeast China under the 13th 100
Five-Year Plan 0 2010 2011 2012 2013 2014 2015 2016 2017 2018
Notes: ¹ China Daily in 2017. ² RMB70,196 vs RMB64,644 in 2018. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 8 … and the Rapidly Growing City of Changsha Beneficiary of the “Rise of Central China” Strategy
To Russia & Mongolia • Strategically Located and Well Connected To Central Asia
Jiangsu South Korea • Core city along Belt and Road Initiative’s trade routes and Sichuan Anhui Changsha Chongqing Hubei Shanghai in Yangtze River Economic Zone Hunan To S. Korea Changsha Jiangxi Zhuzhou • Major transport and logistics hub in China with connections Guizhou Xiangtan Yunnan to 21 major cities To India To SE Asia
• Strong Economic Growth Yangtze River Belt and Road Initiative; Transportation and Trading Connections Yangtze River Economic Belt Regions Changsha-Zhuzhou-Xiangtan city cluster • GDP exceeding RMB1 trillion with GDP per capita growth higher than national average Retail Sales of Consumer Goods
• Urban disposable income per capita growth outpaced RMB billion
national average with a CAGR of 10.5% from 2010 to 2018 500
400
• Highly Conducive Business Environment for New Businesses 300
and MNCs 200
100
0 2010 2011 2012 2013 2014 2015 2016 2017 2018
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 9 Acquisition Outlay and Funding Structure
CapitaMall Aidemengdun, Harbin Total Acquisition Cost and Method of Financing
Acquisition Cost Method of Financing
Consideration S$489.0 million
Debt Equity1 S$250 million2 S$250 million2 Acquisition fee payable in Units S$5.9 million to the Manager
Estimated professional and other S$10.5 million fees and expenses • Combination of debt and equity to achieve accretion • Manager may at absolute discretion decide to undertake Equity Fund Raising (“EFR”) comprising either: Total acquisition cost S$505.4 million • Private placement and preferential offering; or • Rights issue
Notes: 1 Excludes S$5.9 million acquisition fee payable in units to the Manager. 2 Assuming private placement and preferential offering with gross proceeds of S$250 million.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 11 What the Proposed Acquisition Offers
CapitaMall Xuefu, Harbin Acquisition Rationale In Line with CRCT’s Investment and Acquisition Growth Strategy
1 Addition of Strategically Located and High-Quality Assets
2 Significantly Increases CRCT’s Size and Scale, Improving Liquidity
3 Further Enhances CRCT’s Portfolio Diversification
4 Attractive Transaction Price that Delivers Accretion
5 Leverage on Strong Track Record of Management Team
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 13 1 Addition of Strategically Located…
Strategic Location with Excellent Connectivity and Strong Population Catchment
Metro Line 1 A CapitaMall Xuefu
Harbin Ice Light ✓ Direct basement connection to Metro Line 1 Xuefu Road Station, served by Garden Party more than 9 bus lines Saint Sophia Memorial Hall of Catherdral Martyrs in Northeast ✓ Excellent frontage to Xuefu Road, which connects to the Second Ring China Nangang Road 3-kilometres Daoli District Heilongjiang Museum ✓ Sizeable catchment of c.750,0001 with large tertiary student population
Government of
Metro Line 3 Line Metro Heilongjiang province
(Phase 2) (Phase B CapitaMall Aidemengdun Hexiang Road Station ✓ Good accessibility via 2 Metro Stations2 and more than 8 bus lines Xuefu Road Station ✓ Direct frontage to Aidemengdun Road that connects the International Airport to Central Street
Harbin West ✓ Population catchment of c.400,0001 and close to Central Street, the Railway Station Metro Line 3 (Phase 1) popular shopping and dining destination
Close Proximity and Complementary Retail Offerings Enhance Leasing, Legend: Metro Station Marketing and Operational Synergies
Notes: 1 Within a 3-kilometre radius. 2 Within a 1.5-kilometre radius.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 14 1 …and High Quality Assets A CapitaMall Xuefu, Harbin Differentiated and Experiential Regional Destination Mall in the University Campus Cluster
• City-centre retail landmark positioned as regional destination • Surrounded by high-density, affluent and mature residential communities and amenities • Proximity to cluster of 8 universities, with large student and staff population • Experiential retail offerings through innovative lifestyle concepts including first artistic food street in Harbin and first all-year-round Amazon-style indoor garden “Dream Park” within a shopping mall
Destination mall
Harbin’s first all-year-round Amazon-style First artistic food street in Harbin Family-friendly zones City Centre indoor garden
Target residents Pioneer of Experiential Retail Concepts with Indoor Garden, and students / staff Family Friendly Zones and Themed F&B Street CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 15 1 …and High Quality Assets A CapitaMall Xuefu, Harbin Comprehensive and Well-Targeted Trade Mix Offering
• Comprehensive offering with over 400 leases Trade Mix by Gross Rental Income • Leading brands include BHG Supermarket, CGV Cinema, H&M, Haidilao and Sisyphe Books • Introduced: • New fashion concepts which appeal to young and fashionable shoppers • Flagship Urban Revivo and Starbucks Reserve stores in Harbin
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 16 1 …and High Quality Assets B CapitaMall Aidemengdun, Harbin Strategically Located Community Mall Focused on Necessity Spending
• Downtown location surrounded by high-density residential communities • Everyday one-stop shopping destination for the community • Wide tenant base of popular brands including supermarket, cinema, F&B, fashion and children- related brands
Necessity Spending
Convenience Seasonal events and performances Popular IP events Online gaming competitions
Community Mall with Strong Focus on Young Families with Children, Community Mall Sports and Education Offerings
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 17 1 …and High Quality Assets B CapitaMall Aidemengdun, Harbin Active Mall Management Strategy Positions it as Community Mall of Choice
Refreshed c.50% of stores during 2017/2018 Introduced: Popular Strategic Mall ✓ Experiential offerings Events Planning ✓ In-store services ✓ Innovative concepts ✓ Pop-up shops
Targeted leisure spaces and facilities All-week popular lifestyle and family events • Community-driven outdoor space for to draw crowds activities and marketing events Active Review • University campus recruitment talks of Trade Mix • Beauty events Wide variety of sports offerings • Lifestyle bazaars • Cater to the rising awareness of health • Children focused events and fitness
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 18 1 Addition of Strategically Located…
Strategic Location with Excellent Connectivity and Strong Population Catchment
Changsha Museum C CapitaMall Yuhuating
Tianxin Pavilion ✓ Great accessibility with 2 Metro stations within 1- kilometre and more than 15 bus lines Bamboo Slips Museum Yuelu Mountain Meilun Art Museum Ferris Wheel ✓ Located in Dongtang retail hub with no direct competitors in the area within 3-kilometre radius
Metro Line 4 ✓ Nestled within large cluster of residential, educational and financial institutional facilities
✓ Enjoys premium frontage at major intersection, one of the city’s main arterial roads that connects to the Yuhua District Second Ring Road Legend:
Education 3-km Dense catchment Residential of c.700,000 Easily Accessible Mall Situated in a Other Dense Catchment Metro Station
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 19 1 …and High Quality Assets C CapitaMall Yuhuating, Changsha Well Established Community Mall Surrounded by Large Residential Communities
• One-stop necessity shopping mall with established presence • Comprehensive and integrated shopping experience including supermarket, cinema, fashion, F&B and leisure • Strong brand awareness in the catchment area
Strategically Located
Children perform at the Earth Day 2019 Large Residential Interactive fishing activity Rooftop garden accessible to public Catchment celebrations
One-stop A Unique One-Stop Necessity Shopping Mall in the Locality shopping destination with Strong Brand Awareness CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 20 1 …and High Quality Assets C CapitaMall Yuhuating, Changsha Potential to Extract Further Value
✓ Successful New Concepts Potential Upside • Attracted new and leading international brands ✓ Lease expiry profile with areas up for renewal create attractive opportunities for further upside • 64% of leases¹ expiring in next 2 years
• Active collaboration with local brands ✓ Options for lease renewals, higher NLA productivity and further AEI
✓ Experiential offering with a rooftop farm, a huge draw for young families ✓ Concepts popularized by internet celebrities “网红” ✓ Strong anchor tenant
“Crowd puller”
Note: ¹ Based on NLA.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 21 Significantly Increases CRCT’s Size and Scale, 2 Improving Liquidity Consolidating Position as the Largest China Retail S-REIT / BT
1 Strong NPI growth Total Portfolio +18.6% (S$ million) Portfolio Size 3,5 4,000 RMB959.3 million
Total Portfolio Size: 2 3,000 S$3.8 billion No. of Assets3: 14 +18.6%+22.8%
Total Portfolio Size: 2 S$3.2 billion 3,4 No. of Assets3: 11 RMB781.2 million 2,000 Increase in market cap6 S$1.82 billion
1,000
+15.9% 0 3 6 9 12 15 1 Notes: No. of Assets S$1.57 billion ¹ All information is as at 31 March 2019. ² Based on 100% interest in all of CRCT’s properties. 3 Includes CapitaMall Wuhu. The completion of the divestment of CapitaMall Wuhu was announced on 10 July 2019. 4 Based on CRCT’s audited financial statements for the period 1 January 2018 to 31 December 2018. Including CRCT’s 51.0% interest in Rock Square’s NPI for the period from 1 February 2018 to 31 December 2018 which is accounted for as part of “Share of results (net of tax) of joint venture”. 5 Includes FY2018 NPI of the Properties, assuming CRCT had held and operated the Properties from 1 January 2018 to 31 December 2018. 6 Based on the closing Unit price of S$1.57 as at 1 July 2019, and assumes gross proceeds of S$250 million raised via the Equity Fund Raising. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 22 3 Further Enhances CRCT’s Portfolio Diversification
Increases Exposure to Major Provincial Capitals, Multi-Tenanted Malls and Leases
Increases Geographical Diversification Increases Exposure to Multi-Tenanted Malls Increases the Leasing Network across Major China Markets • Provides greater opportunities to drive • Reduces reliance on large anchor • Deepens footprint to the north and rental growth tenants central regions • Increases flexibility for active lease management
By Gross Revenue1,3 Master-Leased No. of Leases Multi-Tenanted +52% Existing Enlarged Portfolio Portfolio 8.1% +1.8% 6.5%
2,422 No. of Cities1 8 10
93.5% 91.9% 93.5% 1,593 Provincial Capital 7 9 Cities2
Existing Portfolio Enlarged Portfolio Existing Portfolio Enlarged Portfolio
Notes: 1 Includes CapitaMall Wuhu. The completion of the divestment of CapitaMall Wuhu was announced on 10 July 2019. 2 Includes municipalities and capital of autonomous regions. 3 Based on gross revenue for FY2018 and includes CRCT’s 51.0% interest in Rock Square. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 23 3 Further Enhances CRCT’s Portfolio Diversification
Reduces Single Asset Exposure and Tenant Concentration Risk Percentage contribution to CRCT’s gross revenue1 Percentage of Total Rental Income2
Top 2 malls Top tenant Top 10 tenants Pre-Acquisition 44.9% 8.3% 23.1%
Post-Acquisition 36.0% 7.5% 20.7%
• CapitaMall Xuefu will be CRCT’s 3rd largest mall by gross revenue contribution
Notes: 1 Based on gross revenue for FY18, including CRCT’s 51% interest in Rock Square. 2 By Total Rental Income and includes both gross rental income and gross turnover rental income (“GTO”) components for the month of March 2019. Based on CRCT's effective interest in each property, including CRCT's 51.0% interest in Rock Square.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 24 4 Attractive Transaction Price …
Discount to Independent Valuation Higher Yield than Existing Portfolio (RMB million) NPI Yield (%) 2 3,000 6.0%
~30 bps 2,967 2,960 5.7%1,3 1.3% 0.2% Discount Discount
C&W JLL Aggregate Agreed Existing Portfolio The Properties Value of the Properties
Notes: 1 Computed using FY2018 NPI of the Existing Portfolio divided by its valuation as at 31 December 2018, including CRCT’s 51.0% i nterest in Rock Square whose NPI yield is computed based on the annualised NPI for the period 1 February 2018 to 31 December 2018. 2 Computed using the aggregate FY2018 NPI of the Properties divided by the aggregate Agreed Value of the Properties. 3 Excludes CapitaMall Wuhu as the mall was fully closed.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 25 4 …that Delivers Accretion
FY2018 – Pro Forma DPU Accretion Annualised 1Q 2019 – Pro Forma DPU Accretion (S$ cents)1 (S$ cents)1
+1.9% accretion 10.29 +1.7% accretion 10.10 9.76
9.60
Before the After the 2 Before the After the 2 Acquisition Acquisition Acquisition Acquisition
Notes: 1 Please refer to Paragraph 5.1 of the Letter to Unitholders Pro Forma Financial Effects of the Acquisition for more details (i ncluding the assumptions on which the pro forma financials have been prepared. 2 Assuming a Private Placement and Preferential Offering to raise gross proceeds of approximately S$250 million.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 26 5 Leverage on Strong Track Record of Management Team The Management Team will Continue to Drive and Deliver Operational Excellence
• Properties managed by the same cluster management teams • Management by respective North and Central/South Region teams creates significant design, planning and execution efficiencies • Track record of active asset management with demonstrable results
CapitaMall Xuefu ✓ Active AEIs by introducing innovative experiential concepts to strengthen market leadership
CapitaMall Aidemengdun ✓ Recent upgrading and brand refresh to position the mall for further growth
✓ Future plans to expand tenant mix, primarily in F&B and Fashion & Accessories
CapitaMall Yuhuating ✓ Past AEIs included store reconfiguration, introduction of international fashion brands, and widening of the F&B offerings
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 27 5 Leverage on Strong Track Record of Management Team CRCT’s Successful Enhancement Track Record Achieved Strong Rental Reversions in Malls Post-AEI
Strategic Recovery of Anchor Spaces Carve out Income-Producing Space
✓ Early recovery of 4,700 sq m of space from ✓ Expanded Ucommune to two levels to cater to higher demand CapitaMall department store anchor tenant for co-working space Wangjing ✓ Introduced higher-yielding specialty stores to ✓ Transformed ~500 sq m of common area to income-producing create a more enticing retail experience for area 15.7% shoppers FY2018 rental ✓ Increased monthly rental income at Level 8 by ~50% reversion ✓ Brought in positive footfall drive and income contribution to the new zone
Rock Square Extract Value through Active Management >20%
Rental reversion ✓ Repositioned from neighbourhood community mall to for 4 consecutive regional one-stop retail destination offering modern quarters in FY2018 lifestyle needs New tenants introduced
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 28 Summary of Recommendations
Earth Hour Community Event, CapitaMall Yuhuating, Changsha Recommendation by Independent Financial Advisor (“IFA”)
• Ernst & Young (“EY”) was appointed as the IFA for the proposed Acquisition.
• The IFA is of the opinion that the Acquisition is on normal commercial terms and is not prejudicial to the interests of CRCT and its minority Unitholders.
• The IFA advises the Independent Directors and the Audit Committee to recommend the Unitholders to vote in favour of the Acquisition at the EGM.
INDEPENDENT FINANCIAL ADVISER
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 30 Recommendation by the Independent Directors and the Audit Committee
• Based on the opinion of the IFA, the Independent Directors and the Audit Committee1 believe that the Acquisition is on normal commercial terms and would not be prejudicial to the interests of CRCT and its minority Unitholders.
• As such, the Independent Directors and the Audit Committee1 recommend that Unitholders vote at the EGM in favour of the resolution to approve the Acquisition.
INDEPENDENT DIRECTORS AND THE AUDIT COMMITTEE
Note: 1 Excluding Mr Lim Cho Pin Andrew Geoffrey who has abstained as he is concurrently as officer of CapitaLand.
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 31 Conclusion
CapitaMall Yuhuating, Changsha Proposed Acquisition Consolidates our Position as the Largest China Shopping Mall S-REIT 14 Well-Located Malls1 with Strong Presence in Core City Clusters
Existing Portfolio A. Beijing B. Shanghai C. Wuhu
CapitaMall Grand CapitaMall Xizhimen CapitaMall Wangjing CapitaMall Shuangjing CapitaMall Qibao CapitaMall Wuhu Canyon
D. Guangzhou E. Wuhan F. Chengdu G. Zhengzhou H. Hohhot
Rock Square CapitaMall Minzhongleyuan CapitaMall Xinnan CapitaMall Erqi CapitaMall Saihan
Properties I. Harbin J. Changsha
CapitaMall Xuefu CapitaMall Aidemengdun CapitaMall Yuhuating
Note: 1 Includes CapitaMall Wuhu. The completion of the divestment of CapitaMall Wuhu was announced on 10 July 2019. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 33 CRCT Continues to Deliver Growth through Proactive Portfolio Reconstitution Building on the Momentum to Scale Up Through Disciplined Capital Management To Deliver Steady and Growing Returns
Acquisition of CapitaMall Xinnan ✓ Acquisition size more than CRCT’s first retail asset in Chengdu 2016 doubled in last 3 years
Divestment of CapitaMall Anzhen 3,768 Mature master-lease mall RMB million
1 Acquisition of 51% of Rock Square 808 2017/2018 CRCT’s first retail asset in Guangzhou Acquisition of Yuquan Mall 2017/2018 Strategic mall to capture growing market in Hohhot
Divestment of CapitaMall Saihan 2,960
Divestment of CapitaMall Wuhu 1,500 2019 Refocus on core portfolio
Proposed acquisitions of CapitaMall Xuefu, CapitaMall FY16 FY19 YTD Aidemengdun and CapitaMall Yuhuating CRCT’s first retail assets in Harbin and Changsha
Note: 1 Acquisition of Yuquan Mall. CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 34 Consistent Track Record of Value Creation and Generating Unitholder Returns Total Assets Increased more than Fourfold since IPO
Total Assets (S$ billion) 3.0 3.1 2.8 2.6 2.7 2.4 2.2
1.5 1.6 1.3 1.2 1.3 0.7 0.8
IPO Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 Steady Growth in Distributable Income and DPU Net Property Income Distributable Income (S$ million) (S$ million) DPU (Cents) 159.3 99.7 160.0 149.2 100.0 10.25 139.7 10.20 140.0 95.0 91.1 10.15 120.0 90.0 86.7 10.10 100.0 85.0 10.05 80.0 10.00 80.0 2016 2017 2018 2016 2017 2018 Multi-Tenanted Joint Venture Distributable Income (S$ mil) DPU (S$ Cents)
CapitaLand Retail China Trust Extraordinary General Meeting 1 August 2019 35 Thank you